The U.S. Treasury's Financial Crimes Enforcement Network (FINCEN) has paused the Beneficial Ownership Information (BOI) reporting requirement for the time being.

FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines.

The Treasury Department's Financial Crimes Enforcement Network notified businesses that fail to report or update their beneficial ownership information before the agency's March 21 deadline will not face fines or penalties.

As of last week, business owners faced a March 21 deadline to complete the report. Now, the deadline has been suspended.

The Treasury Department announced that it is suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirements. Here's what to know.